Shiba Inu (SHIB), the parody coin that caused a stir in 2021, has rekindled investor interest. Based on the assessment of crypto expert Javon Marks, the token recently broke out of a descending wedge pattern, which could indicate a significant bull run is underway.

Marks estimates that SHIB could rise 342% and reach $0.000081, a level not seen since the 2021 bull run. If the current trend continues, the price of this dog-inspired digital asset could see a significant change.

After breaking that milestone, the future price of SHIB looks promising. It is estimated that if the token reaches $0.00001794 by mid-November 2024, there will be an immediate price increase of 0.65%.

The current position at the neutral level of 50 of the Fear & Greed Index shows the equilibrium of the market sentiment and correlates well with cautious optimism about the price change of SHIB. Recently, in the last 30 days, SHIB has been green for half of the days, 15 days, and that also supports further growth in the future.

The Power of a Falling Wedge

For the past five months, SHIB has been in a falling wedge pattern, which is a chart pattern in technical analysis that often indicates a sharp bullish reversal. Therefore, this particular pattern, which features lower lows and lower highs, has proven to be a breakout trigger.

In March 2024, this pattern was clearly evident when SHIB fell from its yearly high of $0.000045. According to Marks, this could be the breakthrough that pushes the token to $0.000081.

Key indicators indicate strength

Momentum may be emerging as SHIB is trading around $0.00001785 with a continuous higher low. Additionally, the token’s 50-day and 100-day Exponential Moving Averages (EMAs) are below the current price, suggesting a bullish bias.

The fact that SHIB is still trading above its 200-day Simple Moving Average (SMA) suggests that it is in a long-term uptrend, although the fact that it is trading below its 50-day Simple Moving Average (SMA) is usually a bearish signal. The confluence of these indicators suggests that SHIB is stable, although it could move further in either direction.

Support and resistance levels

Looking ahead, Shiba Inu has a key support level around $0.000017; resistance levels at $0.000018 and $0.000019. If the token can clear these resistance levels, it could quickly reach its target target of $0.000081.

Meanwhile, there is still room for growth, but traders and investors should continue to keep a close eye on price action as SHIB’s next moves could either confirm a breakout or trigger further consolidation. However, given past trends and seemingly hopeful technical cues, it may just be a matter of time before SHIB breaks out to significant value soon.

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